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Restructering of ING should lead to considerable cost reduction

ING Bank wants to implement changes in the structure of the company to cut costs and improve the banks capital position. Although the EBA stress test was positive for the bank, it still should be able to survive a heavy economic crisis.

Like many other banks, the strategy of ING has to change in order to cope with low margins due to decreasing interest rates, high costs for the implementation of new rules and regulations and the constant battle for the customer. The bank expects the new strategy to save up to billions of Euro’s.

Offices of the bank in Belgium and The Netherlands will experience a heavy loss in jobs. An outline of the future procedures will be presented during an informative meeting held in London on Monday the 3rd of November 2016. Restructering is expected to take place in all offices of the bank around the world.

The bank probably scales down its activities in London when Brexit is effective, said the banks CEO Ralph Hamers in an interview with Bloomberg. When some of the ‘megabanks’ leave London, we will join. Either the market ‘circus’ is in London or it is not. Said Hamers.